Looking at the Oil and Natural Gas markets today it looks like a blood bath
$30.80 down 26%
Nat Gas $1.64 down 4.33%
Saudis going to pump 10 million bbls a day to depress prices even more maybe below $20.00
Trump loves it all he sees is cheap gasoline who cares about anything else workers,royalty owners,landowners etc
Well I think this time the chickens are coming home to roost
Try to talk the market up some more
Cut interest rates quick
Speculative lending is 10% O&G. Soon will be bailing out banks again. Save up those pennies saved at the gas pump. We will have to donate them to Wall Street.
Generally when markets drop like a rock when they recover it is like a rocket.
Read this article to see what is actually going on. https://www.msn.com/en-us/money/markets/opec-tries-to-force-russia-...
And this article place blame where it belongs. https://www.msn.com/en-us/news/world/saudis-instigate-oil-price-cla...
Well, I guess you can't please everyone in this country.
Trump has always just wanted cheap gasoline, he doesn't really care that much about the industry, just his higher approval rating when people don't get hurt at the pump. He doesn't want to kill the industry with renewables ASAP like some of the dems, but that's about as much as I think he cares.
Thanks for the nonsensical reply.
Who said anything about a well? Thanks for another nonsensical reply.
I read some interesting commentary on the oil price fiasco in recent days. The gist of it is this; depressed oil pricing will cause all Oil producers to cut back on E&P, including those in the Permian Basin. Why is this relevant to NG prices? Because Permian Basin oil producers also produce a significant amount of 'unwanted or nuisance' NG, and that is one reason for the NG glut.
I am not smart enough to know what is true, but NG did take a significant jump a few days ago. A silver lining? Only time will tell.
Yep, nat gas is up as are stock prices for drillers in Marcellus as drilling in the Permian is expected to drop. May even see an uptick in drilling in Pa if this lasts very long.
From what I heard by talking heads, Russia has enough foreign currency reserves to hold out for two years. But I seriously doubt it lasts that long. I'm guessin' in about six months, the Russian oligarchs getting hurt will cry uncle and prices return to normal.
In the meantime, dozens of drillers and related service companies will go under. Look for the big boys to buy up the ones that have the best shale under contract.